Oil swings as soft growth data, supply disruptions tug markets
BNN Bloomberg
Oil fluctuated, struggling to find direction as traders eyed supply disruptions from a major pipeline and slowing economic growth in Europe.
West Texas Intermediate traded near US$97 a barrel in a choppy session on Friday. Crude is set to post a weekly loss as broader markets drove oil prices in sessions characterized by sharp swings amid low liquidity. Earlier, crude fell on soft Euro-zone economic activity, stoking fears that a recession might be on the horizon.
Traders are also monitoring the impact of a slowdown along the Keystone pipeline. TC Energy has reduced operating rates on a segment running from Canada’s oil sands to the hub at Cushing, Oklahoma, by about 15 per cent following a power-supply disruption.
“Futures are taking a breather this morning with the entirety of the energy complex drifting slightly lower to start the day,” analysts at wholesale-fuel distributor TACenergy wrote in a note to clients. “The market is in a wait-and-see state.”
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The chief executive of National Bank of Canada says he’s not changing the bank’s strategy because of the war in the Middle East, but he is urging a faster response from Canada to rising threats abroad.
With airstrikes still battering Iran and missiles still targeting sites across the Middle East, some of the optimism that sent stocks rallying the day before drained out of Wall Street on Tuesday. Oil prices got back to rising, and U.S. stocks are returning some of their gains.
A large explosion at an oil refinery near the Texas coast shot plumes of smoke into the air and forced nearby residents to shelter in place, officials said.
Oil prices rise and stocks fall as war with Iran still advances despite Trump’s talk of negotiations
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
Bank of Montreal said on Tuesday it plans to roll out tokenized cash capabilities in collaboration with CME Group and Google Cloud, as it seeks to meet rising demand for real‑time payments amid a global shift toward around‑the‑clock trading.
From rolled steel to kitchen cabinets, Canadian businesses hit by targeted U.S. tariffs are struggling to respond as the trade war drags into its second year.
Global benchmarks mostly rebounded Tuesday, in a mood of cautious relief after U.S. President Donald Trump said the United States has talked with Iran about a possible end to their war.
It’s that time of the year again, tax time, a time to file your annual return with the Canadian Revenue Agency.
Gold seen as overbought as Iran tensions ease, with falling oil prices lifting stocks and shifting investor sentiment toward risk assets.
Stock markets in Canada and the U.S. rallied after President Donald Trump said the United States has talked with Iran about a possible end to the war.